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Tuesday, December 27, 2011

Branson aldermen will meet at 6 p.m. Tuesday to reconsider taking
ownership of buildings at Factory Merchants Branson, often called "the
red-roof" mall.

Aldermen initially met Monday, but postponed a
decision because they said they needed more information about future
costs to the city, such as maintenance and insurance.

Under terms
of a substitute bill, Simon Property Group, owner of the mall, would pay
the city $300,000 at closing, which is scheduled to occur no later than
Jan. 5. Additional language was added to clarify tenant leases. The
city estimates its annual property and liability insurance rates will
increase by $5,000 to $7,000 a year.

Simon Property asked the
city, which already owns the land, to take ownership of the mall so
Simon can concentrate its resources on its other Branson property, The
Shoppes at Branson Meadows mall.

The contract includes a six-month
management agreement with Simon to help existing tenants find new
locations. There are 34 tenants, including kiosks, according to city
Economic Development Director Garrett Anderson.

The meeting will
be held in the council chambers at City Hall. If aldermen approve the
contract, it will still need a second vote to take effect. That vote
would likely occur at 6 p.m. Dec. 29, also in the City Council chambers.

Simon
Property leases the land -- once part of a city airport -- from the
city for about $129,000 a year. The lease was set to expire in 2021.

City
officials have not determined what they would do with the property once
all the tenants are out. However, discussions have ranged from more
retail development to ball fields.